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No major impact from Kenya energy contract cancellation, says Adani Energy

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According to Indian stock market regulations, Adani Energy Solutions stated on Saturday that the termination of a $736 million transmission line project in Kenya was within its regular business operations and did not necessitate any regulatory notice.

Following Reuters’ story that Kenya’s president had ordered the termination of the 30-year public-private partnership pact, it said it was responding to a request for clarification from the National Stock Exchange and the Bombay Stock Exchange.

“Further, the Company hereby submits that there is no material impact of the Media Report on the operations of the Company,” Adani Energy Solutions said in a statement.

On Thursday, President William Ruto also announced that he had ordered the termination of a procurement procedure that was supposed to give India’s Adani Group control of Kenya’s main airport.

Gautam Adani, the founder of the Adani Group, and seven other people were charged by U.S. authorities on Wednesday with bribing Indian officials with $265 million. The organisation refuted the accusations.

As part of the about $2 billion Kenyan international airport project, the Adani Group intended to construct a second runway and reconstruct the passenger terminal in return for a 30-year lease.

In a statement issued on Saturday, Adani Energy Solutions said that it was not a party to the deal to manage and update Kenya’s Jomo Kenyatta Airport.

“The Company nor any of its subsidiaries have entered into any contract in connection with any airport in Kenya,” it said.

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Egypt’s November inflation drops to 25.5%, near 2-year low

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According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

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Nigeria creates N20bn consumer credit fund for domestic automakers

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In an attempt to increase demand for cars built domestically, the Nigerian government has established a N20 billion consumer credit facility programme.

The goal of the programme, which is run by the Nigerian Consumer Credit Corporation (Credicorp), is to keep customer interest rates to single digit.

The fund aims to remove obstacles that consumers face when purchasing cars on credit, according to Credicorp Managing Director/CEO Engr. Uzoma Nwagba, who spoke at the official launch/agreement signing between Credicorp and the National Automotive Design and Development Council (NADDC) in Abuja.

Nwagba said that the credit economy contributed to the creation of jobs and wealth for Nigerians as well as to the enhancement of residents’ quality of life.

According to him, the government is dedicated to helping the industry in order to guarantee its expansion and survival. According to him, the N20 billion fund was only the start, and if the initial support proves effective, the government intends to create a larger fund.

Earlier, Mr. Joseph Osanipin, the Director General of NADDC, stated that the industry’s expansion depends on the demand side of the car market being improved.

According to Osanipin, credit programs enable consumers to acquire brand-new cars of their choosing, but in the majority of prosperous nations, people do not pay cash for cars and other autos.

According to him, the program, which covers all types of autos such cars, vans, tricycles, and motorbikes, is available to all Nigerians and involves automakers that produce or assemble their goods entirely domestically.

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